Better Know a B: Patients Know Best
Patients Know Best is a founding UK B Corp focused on empowering patients to manage their care, and enabling professionals to share information while improving efficiencies for payers. We spoke to Dr Mohammad Al-Ubaydli, founder and CEO of Patients Know Best.
Tell us a bit about the history of your company?
To put patients in control of their medical records. I trained as a physician and programmer. I wrote a book for hospitals to share their records with patients. I really wanted hospitals to do this because I am a patient with a rare disease. I was frustrated they did not do this so I decided I had to do it myself.
We were recognised as a social enterprise from our first year - by UnLtd, then by National Lottery and Ashoka. But CIC legal structure was not appropriate - It could not attract the massive investment we needed and it failed to recognise the most important asset lock we had in place - that each patient owns data about the patient in the system. CIC was also a UK standard while we were a global company. B Corp provided a global standard that attracted investors and recognised our true asset lock - the patient is in control.
What excites you about being part of the global B Corporation movement?
Every time I attend a meeting I hear about another global milestone. Bottom global scale without government intervention - that's how we social enterprises roll :-)
Can you tell us about the impact that your company is having in the world?
In London we are putting 2.3 million patients in control of their data. This is the first time in the world this has happened and we are bringing the model to 6 other countries so far. (We went live in Germany recently, Brexit will not slow us down.)
What benefits have you seen since certification?
We certified in September 2016. A key part of getting the London contract in March 2016 was saying that we were going through B Corp certification. That was our first multi million multi year contract. Certification discussions also allowed us to identify the investors who would understand and embrace our social enterprise model. In November we closed £3.5 million investment from Balderton one of the top three VCs in Europe and our first multi million investment.
How did your other staff react to the certification?
They love it and they love telling customers about it.
What has changed in your organisation as a result of taking the B Impact Assessment?
We put in a lot of processes that matured our organisational development.
What does the year ahead hold in store for your company?
Lots of charities are partnering with us as a social enterprise. For example CRUK are selling PKB to all cancer departments in the UK.
Who is your B Corp crush?
It’s 2020, 5 years since you certified as a B Corp, what does the movement look like?
B Corp Exchange traded funds. And countries have copied Italy in recognises B Corps.
What is inspiring you at the moment?